Which of the Following Most Accurately Describes Fraud

question 67

Multiple Choice

Which of the following most accurately describes fraud?

• A)Absence of reasonable care
• B)Lack of slight care
• C)Knowledge and intent to deceive
• D)Extreme or unusual negligence without the intent to deceive

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Definitions:

QBO

Stands for QuickBooks Online, a cloud-based accounting software designed for small to medium-sized businesses.

Accounting Records

Documents and ledgers that capture all the financial transactions of a business, serving as a foundation for financial reporting.

Physical Count

The act of manually counting inventory on hand to verify records and ensure accuracy in reporting assets.

Non-Inventory

Items or services a company sells or uses in its operations that are not held in inventory, such as supplies, subscriptions, or services.